Arrest warrant issued vs agri trader
WARRANTS of arrest have been released by the Quezon City Regional Trial Court against the owner of the agribusiness venture DV Boer Farm International Corp. and his kin, as well as other employees of the company.
The document, issued on May 25, 2021 by Quezon RTC Branch 91 Presiding Judge Kathleen Rosario Dela Cruz Espinosa includes Soliman “Dex” Villamin Jr., Dex’ mother Joselyn Villamin and his father Soliman Villamin Sr.
Others mentioned in the warrant of arrest are Dex’s sister Preciosa Villamin; his brothers Ericson and Ferdinand Villamin; his wife Marianne Co, and their daughter Ina Alleli Co.
It also stated the company’s employees Lovely Corpuz, Joy Arevalo, Rosalyn Alvarez, David Jericho Perez and Reynaldo Bello, who acted as officers or agents of the company.
The issuance of the arrest warrant stemmed from the complaint of Gilbert Bugia, CEO and President of Northwinds Fine Herd Inc. which is an accredited sub-farm of DV Boer Farm International Corp. engaged primarily in agritourism and the modern farming business.
In his complaint affidavit, Bugia, a professional banker, stated that he took part in two investment offers of Dex, namely the Pa-iwi Program and the Sub-farm that will advertise and offer Pa-iwi Program, given the guarantee of a 30 to 33 percent return of investment per month.
Bugia invested more than P14 million in the form of royalties, fees, shares and others. He mentioned that during the entire duration of the business, the Villamins acted as the consultants of their business operations.
He met several whistleblowers which he indicated in his complaint such as Randy Macalindol, the Group Finance and Administrative Controller of DV Boer; Alvin Andulan, the Internal Audit Head of DV Boer; Junior Gacula, the accounting staff of Magsasaka, Inc., and Carlo Sandoy Tejada, the Investor Relations Staff of DV Boer. Some of them were advised by the National Bureau of Investigation (NBI) to execute their affidavits and attest to the alleged scam operated by the respondents.
Other sub-farms totalling to 70 have allegedly also filed cases of syndicated estafa against the respondents.
Bugia alleged in his affidavit that the respondents committed misrepresentations leading to failure in the delivery of their obligations in the joint venture.
These include the 33 percent rate of return of investment per annum; failure of the DV Boer to account the right rate of livestock; DV Boer has no real expertise in livelihood and agriculture industry and such failed to conduct the proper training and guidelines for the growth of its partners; DV Boer failed to employ people with the correct skills in agricultural business that will help its partners; and the failure to provide a feasible and viable financial representation of investments.
Bugia said he contacted Dex and expressed his plans to no longer pursue the business and detailed his complaints that he considered breached their agreement. He then asked for the return of his investments that did not materialize but no remittance has been made yet.
“Respondents’ fraudulent scheme to induce me to invest with their company and part with my money is shown by the determination by the Securities and Exchange Commission of its illegal practice as indicated in the SEC Advisory dated 30 April 2019,” it read.
The advisory stated that DV Boer Farm International Corp. “is registered with the commission only as a corporation under the Corporation Code of the Philippines but is not authorized to offer, solicit, sell or distribute any investment/securities.”
In his complaint, Bugia said that the directors, officers and agents of DV Boer comprising more than five persons made “false pretenses” and “representation” to the investing public which includes him and 70 other sub-farms regarding a “supposed lucrative investment opportunity with DV Boer in order to solicit money from them.”
According to the arrest warrant the accused have been charged with Article 315 of the Revised Penal Code for the crime of two counts Estafa or Swindling with no recommended bail.
